Confirmation Of A Fact
December 10th, 2009
And that is that the brainiacs in charge of TARP had not the slightest clue about what they were doing.
The guy with the slightly unnerving stare above is Neel Kashkari, the 35-year-old banker picked by then Treasury Secretary Hank Paulson to design the TARP.
This article in the The Times (London) gives some behind-the-scenes details of the madness at the Treasury. Kashkari describes how:
one colleague screamed in panic over the imploding financial system, while another almost died of heart problems because he worked on the bailout rather than seeking medical treatment.
Rather than screaming or nearly having a self-induced heart-attack, Kashkari’s own way of dealing with the sh*tstorm was to stuff his face with junk food. Doritos, to be precise:
Mr Kashkari, who piled on 23 pounds as he comfort-ate family-sized bags of Doritos through the height of the credit crisis, described the panicked period between October 2008 and May 2009 as “like a dream”. Read the rest of this entry »
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